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Gold Bashing 101: A Mainstream Press Primer

Saturday, September 5, 2009, 2:58 PM

Here is another entry from my exclusive Martenson Insider blog, which is accessible only by enrolled members.  Enrolled members got a preview of this content yesterday.  Enjoy.


It is pretty clear that gold has its detractors in the mainstream press, and this next article is so over the top as to be an hilarious object lesson in the art of gold bashing.

It all starts with the title itself and gets funnier quickly.

US gold ends down $1, fails to break above $1,000

First of all, gold ended UP on the day by $2.80, not down. Second of all, you'd never see a similarly worded headline for, say, a favored stock which had just finished the week up 35 bucks.  Can you imagine if Google went from $400 to $414 for the week reading the headline "Google fails to break above $415?"  I can't either.

Here's the rest:

Opening paragraph ( all emphasis mine):

NEW YORK, Sept 4 (Reuters) - New York gold futures ended $1 lower on Friday as strong investment demand failed to push prices over the psychological mark of $1,000 an ounce, and traders said the metal could be vulnerable to near-term profit-taking following a sudden rally.

As I already mentioned, gold ended the day up, not down.  There's a difference.   And then we might note that gold is characterized as "vulnerable," and that it failed to push over a psychologically important level.  That's not news; that's barely even opinion.

 

* Concerns about equities market, as well as inflation worries after massive government spending to jolt the economy out of recession fueled a highly speculative gold rally - Bruce Dunn, vice president of trading at New Jersey-based Auramet Trading.

Highly speculative? Compared to, say, the 220,000,000 shares of FNM, a company with deeply negative equity (i.e. bankrupt), that traded today?  You mean that kind of "high speculation," or is the purchase of gold worse somehow? 

* Gold prices will correct eventually after the fast-paced rally - Dunn.

I guess we should get out now, while the getting is still good!

* Gold futures initially extended losses after the U.S. nonfarm payrolls data in August showed the smallest decline in a year, but unemployment rate jumped to a 26-year high of 9.7 percent.

"Initially extended losses" is just a fantastic use of spin.  Unbeatable!  Right there in three simple words, we find out that gold had already been on a losing streak and that it extended those losses.  And the use of the word "initially" smoothly hides the fact that it quickly recovered those loses.  The casual reader is left with the impression that gold was under the gun and in retreat all day.  Who would want to buy a ruinous asset like that?

* Demand from jittery investors to diversify assets into gold amid shaky equities markets propelled gold's sudden rally this week - analysts.

Note that what finally propelled gold today was "jittery investors."  If you bought gold today, you are the jittery sort, prone to turning tail amid shaky markets and running for safety.  Clearly, when you hate gold as much as Reuters, there can be no room for the possibility that strong investors might be in the game.  Who wants to be in the jittery camp?  Not me!  This paragraph also featured one of my favorites - unnamed analysts.

All of this is to point out (again) that a good chunk of the mainstream press has an agenda when it comes to gold, but fortunately they are quite heavy-handed, and their clumsy efforts are easily spotted.

I merely raise this to point out that it is really best not to let one's impressions of markets be shaped by the mainstream media.   If the journalists were any good at finance, they wouldn't be writing for a living.

I often wonder about such articles…do they spring from a legitimate disgust with gold that developed previously for the writers, or are they merely attempting to shape opinion for some other set of reasons (perhaps the publisher's parent company has a relationship with a trading company that just happens to be short a few tons of gold and supplies some nice quotes)?  Who knows? 

All I know is that I am very glad I've not heeded the advice of the mainstream media on gold and silver over the years.

I've got a longer view of gold coming out this weekend. This will be a briefer-than-usual Martenson Report,  because it's Labor Day and I need to spend some time with the family.

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22 Comments

investorzzo's picture
investorzzo
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Re: Gold Bashing 101: A Mainstream Press Primer

The consensus by the G-20 ministers not to cut back on stimulus efforts yet will ensure that countries don't revert to fiscal restraint too soon, U.S. Treasury Secretary Timothy Geithner told CNN's Richard Quest in an exclusive interview Saturday.

http://www.cnn.com/2009/WORLD/europe/09/05/G-20.geithner/index.html

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Re: Gold Bashing 101: A Mainstream Press Primer

Love it, Chris.

It simply goes to show how our central planners loath any asset that could possibly compete with central banking's paper franchise - fiat money - to protect themselves against the ravages of its inflationary manipulation.

Quite often, I get into debates of commodity vs. fiat money, what gives it value, etc etc.

You are probably familar with Gresham's Law: "Bad money drives out the good from circulation."  For those of you who don't know this law, it essentially means that if you have 2 coins that are stamped 5 cents each - the legal tender value - *BUT* one of those coins is made of silver, and the other made of steel, which do you spend first?  The steel one.  Why?  Because the nickel made of silver has a melt value significantly higher than its legal tender value.  You hoard it, thus remove it from circulation.

However, I took a closer look at Gresham's Law.   You know what makes Gresham's Law work? 

Government violence. 

Think on this.  If I opened up the Remnant's Money Printing shop and printed up uniform pieces of paper with fancy inks and designs indicating each piece of paper's denominations and told everyone to use it, what would happen?  I'd be ignored or laughed out of town.  Market actors, rightly, would see through the fraud.  They'd say, "Puh-leeeze.  You'd simply print up as much as you wanted and give it to yourself or your friends, laying claim to labour of others while producing no economic value yourself.  You're a cheat!" or "Um.  OK dude.  I am going to open a competing store and print off better money.  Oh.  Wait. No I won't.  People won't accept my money either.  Good luck with that."

However, if I had a monopoly on violence over the market where I could easily crush any competition and no market actor can hire a protection agency to prevent me from stealing whatever portion of their economic output I deemed fair to take as tribute, and demanded my printed money in the form of taxation/extortion?  This would create artifical demand for my money.  I would create legal tender laws, outlawing all other forms of money, making their use impractical/illegal.  I would order the courts that any contract where payment is made in non-fiat money would be null and void should parties go to court in the event of a dispute.    Once I gained a monopoly over money production in the market, I can inflate the money supply to benefit me and my friends.  I would only take care not to inflate it too quickly so people wouldn't get disgusted and boycott my money and use something else like gold/silver/copper/barter.

In other words, I have just ensured Gresham's Law works.  In a true free market/society, government or privately issued paper money would not be accepted.  Only a universally accepted commodity used as a mechanism of exchange based on its intrinsic content or notes redeemable for a specified weight and purity of the agreed upon commodity from a trustworthy source would be used as money.

I'll close with the words of Alan Greenspan...yes, THAT Greenspan in a brillant essay he wrote in 1966:

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

Have a good weekend!

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leo0648
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Re: Gold Bashing 101: A Mainstream Press Primer

I saw this headline on Kitco the other day.  I couldn't believe it.

First of all, when something moves up $50 in 2 days, a $1 correction is actually a health sign (even thought it ended up).  It shows that people aren't taking profits like they usually would in such a steep run up.  It is rediculous how the MSM is trying to hide gold.  Too me, this is very bullish.  I know a lot of people think that this fall gold will run up 20-30%.

Davos's picture
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Re: Gold Bashing 101: A Mainstream Press Primer
TheRemnant wrote:

 

I'll close with the words of Alan Greenspan...yes, THAT Greenspan in a brillant essay he wrote in 1966:

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

 

Irrational Hypocrisy: In the book I.O.U.S.A. on page 153 is the saga about him and Congressman Ron Paul, MD meeting for a photo opp. Paul had with him the original 1966 article that appeared in the 'Objectivist', he asked Greenspan to sign it, Greenspan did, he asked Greenspan if he wanted to add a disclaimer to it and Greenspan said, No, I read it again recently and still believe in what I wrote!

I suppose Paul was to shell shocked to ask him why he would blow up the economy with false beliefs that are 180 degrees to his beliefs.

 

Farmer Brown's picture
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Re: Gold Bashing 101: A Mainstream Press Primer

Davos,

As you probably know, Greenspan was (is?) a big Ayn Rand fan.  The only way he could reconcile that statement (reaffirming his beliefs to Paul) with his actions as Fed-head, would be if he is playing the role of Francisco (from Atlas Shrugged), who if I remember correctly, used his influence to destroy the economy and the values cheered by government (in the book) in order to rebuild it later. 

I DOUBT that's the case.  But that would be one hell of a one-man conspiracy:  He destroys the economy and the dollar so that gold will replace it!

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Re: Gold Bashing 101: A Mainstream Press Primer

I liked this article, on SeekingAlpha via Yahoo Finance. Someone did a careful audit of the records for the SLV ETF that tracks silver. He found numerous irregularities that are a symptom of fraud.

They found that there were several bars with the same serial number claimed multiple times as part of the fund's inventory. They found duplicate serial numbers for 11.77% (!) of SLV's holdings, and 0.4619% of ETFS (another silver ETF).

How did the authors get such records? I thought they weren't publicly available?

That article only analyzed SLV. I suspect that an audit of GLD would yield similar conclusions.

If GLD and SLV don't have as much physical silver as they claim, then they are committing fraud. In effect, the fund managers are secretly practicing fractional reserve banking. As long as all shareholders don't simultaneously demand redemption, the scam can continue.

This fraud explains why the price of gold and silver aren't rising, even though people are buying. If funds like GLD and SLV are secretly practicing fractional reserve banking, then they aren't buying enough physical metal to correspond with fund purchases. People are buying shares of a mutual fund thinking they're buying the metal, when they're really buying into what's essentally the early stages of a Ponzi scam.

It wasn't clear what the actual percentage discrepancy was. For a reputable financial firm, *ANY* nonzero discrepancy is too much.

The article gave the correct conclusion. "Don't trust SLV or GLD. If you want to invest in gold or silver, buy and take physical delivery!"

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Re: Gold Bashing 101: A Mainstream Press Primer

Hello FarmerBrown:

Not to sound illiterate but, I never read that book. I'll grab a copy now. In 1966 I was riding a tricycle. Funny you explain this, I often wondered if he was hoarding gold. I have read a lot recently about the folks who own the big banks. If what I'm reading is true and not conspiracy rubbish, they have 1/2 of the worlds wealth (some 500 trillion bucks) and almost all of it is in gold.

Really makes me wonder. Take care

investorzzo's picture
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Re: Gold Bashing 101: A Mainstream Press Primer

Hong Kong Recalls Gold Reserves: Why No News Coverage?

Perhaps this is the biggest story of the week on gold. Jon

http://seekingalpha.com/article/159998-hong-kong-recalls-gold-reserves-w...

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Re: Gold Bashing 101: A Mainstream Press Primer

You know, Farmer Brown,

      I've often entertained that (small) possibility myself. His article in defense of gold is one of the strongest, most coherent, pieces I've ever found on this topic. His assertion to Ron Paul seems to indicate that he's either delusional or perhaps realizes that the only way to fix the system is to destroy it and rebuild it. But his other actions don't seem to support this and I would personally be shocked to find THE quintessential Fed Reserve head as the incognito future hope of liberty.

Cheers,
Mike

 

Davos's picture
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Re: Gold Bashing 101: A Mainstream Press Primer
Mike Pilat wrote:

You know, Farmer Brown,

      I've often entertained that (small) possibility myself. His article in defense of gold is one of the strongest, most coherent, pieces I've ever found on this topic. His assertion to Ron Paul seems to indicate that he's either delusional or perhaps realizes that the only way to fix the system is to destroy it and rebuild it. But his other actions don't seem to support this and I would personally be shocked to find THE quintessential Fed Reserve head as the incognito future hope of liberty.

Cheers,
Mike

 

 

I, just for grins and curiosity did snail mail him and ask him point blank the reason for his "Irrational Hypocrisy." I'm holding my breath that I'll get an answer to share before I turn blue.

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Re: Gold Bashing 101: A Mainstream Press Primer

Greenspan must have wrote that in his idealistic youth (relatively speaking). Don't we all become hypocrites of the ideals of our youth? Perhaps he has come full circle. 

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Re: Gold Bashing 101: A Mainstream Press Primer

Let's not forget our friend Silver.  The Chinese are advising its citizens to to invest in precious metals as a store of true wealth http://www.mineweb.co.za/mineweb/view/mineweb/en/page33?oid=88452&sn=Detail.   At 1,000$/oz. Gold be be out of reach for the majority of the 1.3 Billion Chinese.  This leaves Silver, at 16$/oz. as the likely choice for investment. This will place huge demand on this precious commodity which is also a widely used industrial metal.   At a ratio to Gold of 70/1 Silver has a lot of ground to make up.  Your thoughts?

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Re: Gold Bashing 101: A Mainstream Press Primer
JAG wrote:

Greenspan must have wrote that in his idealistic youth (relatively speaking). Don't we all become hypocrites of the ideals of our youth? Perhaps he has come full circle. 

Probably so. Not certain we'd agree with our youthisticall ideals while we carried out the immoral act of blowing up the economy though.

I hit him with "Irrational Hypocrisy" question because of the last very two sentences of his 'Irrational Exuberance" speech. I asked him to which end he was referring. 

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Re: Gold Bashing 101: A Mainstream Press Primer

Let's not forget our friend Silver.  The Chinese are advising its citizens to to invest in precious metals as a store of true wealth http://www.mineweb.co.za/mineweb/view/mi....   At 1,000$/oz. Gold be be out of reach for the majority of the 1.3 Billion Chinese.  This leaves Silver, at 16$/oz. as the likely choice for investment. This will place huge demand on this precious commodity which is also a widely used industrial metal.   At a ratio to Gold of 70/1 Silver has a lot of ground to make up.  Your thoughts?

 

There has to be something more to this.  The Chinese people are only allowed to hold Renmenbi, a worthless fiat currency just like all the others.  Why would the government want their citizens to exchange their paper money for precious metals?  It makes sense from the citizen's point of view, but China doesn't care about their citizens, and this hurts the government (PM holder) so why are they advocating it?

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Re: Gold Bashing 101: A Mainstream Press Primer

With all due respect, concerning comment #6, I am not so sure that any conclusions from the seekingalpha article alone is warranted: 

 1) The sole source of the seekingalpha article appears to be a report, “Silver ETFs: Multiple anomalies detected” (see http://www.scribd.com/doc/17750719/Silveretfs-1-PDF).

 2) This report, authored by "Project Mayhem research," which states: “we have developed a computer program to conduct data mining on the inventory of publicly available ETF’s – namely, iShares SLV managed by JP Morgan, and the London-based ETF Securites funds.”

The report, dated July 28, has no attributed author, and there appear to be no details about their how their data was obtained. In the method section they simply state, "we obtained the latest bar lists from iShares SLV managed by JP Morgan."

3) The report acknowledged that "perhaps many manufacturers duplicate their serial numbers" and that in a subsequent comparison, that further checks for instances with the same serial number but differently weighted bars, yielded a “substantially smaller fraction on the lists: 0.000242% and 0.00% respectively.”

To me “0.00 %” means that there was no discrepancy at all, and, the report doesn’t say whether or not a “0.000242%” discrepancy is significant.  Given the tone of the report, I suspect that if this was significant they would have so indicated. 

Nevertheless, the report goes on to dismiss this “mildly positive fact” in view of other “ancillary information,” such as statistical clustering, weight duplicates and cross-reference duplicates.  It is not clear to me, however, if these anomalies are significant.  For instance, concerning the possible significance of a non-Gaussian distribution of weights, the report states, “[w]e leave this an open question and as a subject for further research by statisticians more capable than ourselves...”

 4) The website (http://www.projectmayhemresearch.com/) does not have this article.  In fact, the website appears to be an empty shell with no content whatsoever.  

The domain name "projectmayhemresearch.com" was registered July 31 2009 just a few days before the date of the report (http://www.whois.net/whois/projectmayhemresearch.com; http://www.networksolutions.com/whois-search/projectmayhemresearch.com); the domain registrant is listed as “unknown.”

Maybe I’m overly skeptical, I suspect that the choice of the name itself: “Project Mayhem research” may indicate that the report’s author’s true intent is to create "mayhem."

While I am personally not a big fan of GLD or SLV, I wonder if this shouldn’t be considered an example of yet another kind of “bashing.”  The truth is hard to come by these days....

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Re: Gold Bashing 101: A Mainstream Press Primer

FB

Quote:

The Chinese people are only allowed to hold Renmenbi, a worthless fiat currency just like all the others.

First, the Renminbi isn't worthless.  It has a fixed exchange rate with the USD.  You can still go out and buy stuff with both currencies.  Therefore, they are not, by definition, worthless.  If you want to get rid of all your "worthless" greenbacks, send them to me.  I can shoulder the burden. Money mouth

Quote:

Why would the government want their citizens to exchange their paper money for precious metals?

This is just a guess, but the citizens may be encouraged or required to buy PMs from outside China, thereby allowing the gov't to accumulate domestically produced metals.  I don't believe much if any domestic metals are leaving the country.  If the citizens are buying from outside, the gov't will always have access to them by confiscation or exchange for Renminbi.  Therefore, they are in effect importing PMs without appearing to do so.  This serves their purpose of not driving the prices up while still accumulating.

Quote:

It makes sense from the citizen's point of view, but China doesn't care about their citizens, and this hurts the government (PM holder) so why are they advocating it?

As I noted, they always have access to PMs held by citizens, and I'm not sure that they don't care about their citizens.  This is no longer the Cultural Revolution.  The gov't is sensitive to civil unrest and has a growing middle class that is the engine of their productivity.  They are much less likely to upset the middle class than they were the largely unskilled peons of previous times.  They recognize the value of education and innovation.

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Re: Gold Bashing 101: A Mainstream Press Primer
crash_watcher wrote:

With all due respect, concerning comment #6, I am not so sure that any conclusions from the seekingalpha article alone is warranted: 

 1) The sole source of the seekingalpha article appears to be a report, “Silver ETFs: Multiple anomalies detected” (see http://www.scribd.com/doc/17750719/Silveretfs-1-PDF).

 2) This report, authored by "Project Mayhem research," which states: “we have developed a computer program to conduct data mining on the inventory of publicly available ETF’s – namely, iShares SLV managed by JP Morgan, and the London-based ETF Securites funds.”

The report, dated July 28, has no attributed author, and there appear to be no details about their how their data was obtained. In the method section they simply state, "we obtained the latest bar lists from iShares SLV managed by JP Morgan."

3) The report acknowledged that "perhaps many manufacturers duplicate their serial numbers" and that in a subsequent comparison, that further checks for instances with the same serial number but differently weighted bars, yielded a “substantially smaller fraction on the lists: 0.000242% and 0.00% respectively.”

To me “0.00 %” means that there was no discrepancy at all, and, the report doesn’t say whether or not a “0.000242%” discrepancy is significant.  Given the tone of the report, I suspect that if this was significant they would have so indicated. 

Nevertheless, the report goes on to dismiss this “mildly positive fact” in view of other “ancillary information,” such as statistical clustering, weight duplicates and cross-reference duplicates.  It is not clear to me, however, if these anomalies are significant.  For instance, concerning the possible significance of a non-Gaussian distribution of weights, the report states, “[w]e leave this an open question and as a subject for further research by statisticians more capable than ourselves...”

 4) The website (http://www.projectmayhemresearch.com/) does not have this article.  In fact, the website appears to be an empty shell with no content whatsoever.  

The domain name "projectmayhemresearch.com" was registered July 31 2009 just a few days before the date of the report (http://www.whois.net/whois/projectmayhemresearch.com; http://www.networksolutions.com/whois-search/projectmayhemresearch.com); the domain registrant is listed as “unknown.”

Maybe I’m overly skeptical, I suspect that the choice of the name itself: “Project Mayhem research” may indicate that the report’s author’s true intent is to create "mayhem."

While I am personally not a big fan of GLD or SLV, I wonder if this shouldn’t be considered an example of yet another kind of “bashing.”  The truth is hard to come by these days....

http://www.zerohedge.com/sites/default/files/SilverETFs_1_PDF.pdf

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Re: Gold Bashing 101: A Mainstream Press Primer

With respect to comment #17, yep, that's the report I cited "see http://www.scribd.com/doc/17750719/Silveretfs-1-PDF"

Why couldn’t “Project Mayhem research” just have given a citation to their data source in their report? 

To further illustrate my skepticism, let's  just assume that “Project Mayhem research” got their data from somewhere like this: “Re. Account No. : 00380 - Trustee for iShares silver tst”:  

 https://ebts.jpmorgan.com/ebtsWebMod/ebts_downloads/BONYBARLIST.PDF

Caution, if you download this, it is a pretty big file of about 25 MB.  The above-cited account statement lists about 41 bars per page for 7051 pages, so there are a total of about 289,091 1000 oz bars listed here.

If this was their data source, then I would interpret a 0.000242% discrepancy to mean:  “X anomalous bars” * 100% / 289,091 = 0.000242. 

If we now solve for X, then: X =  289,091 x 0.000242%/ 100% =  0.7 or about 1 bar !!

So if this was the report’s source of data they might be talking about 1 anomalous bar out ~289,000!! 

This example is purely hypothetical because the trustee account statement is dated Sept 4, 2009 but  the report is dated is Aug 28, 2009.  Again, we don't know where the report's data is coming from.

Nevertheless I think this example illustrates why some caution is in order here. 

 

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Re: Gold Bashing 101: A Mainstream Press Primer
Quote:

FB

Quote:

The Chinese people are only allowed to hold Renmenbi, a worthless fiat currency just like all the others.

 

First, the Renminbi isn't worthless.  It has a fixed exchange rate with the USD.  You can still go out and buy stuff with both currencies.  Therefore, they are not, by definition, worthless.  If you want to get rid of all your "worthless" greenbacks, send them to me.  I can shoulder the burden. Money mouth

Ha!  Fair enough.  What I mean is, why would the government exchange its PMs for it's people's Renmenbi?  PM's are actually worth something.  If they want more Renmenbi, just plug in the press.

Quote:

Quote:

Why would the government want their citizens to exchange their paper money for precious metals?

 

This is just a guess, but the citizens may be encouraged or required to buy PMs from outside China, thereby allowing the gov't to accumulate domestically produced metals.  I don't believe much if any domestic metals are leaving the country.  If the citizens are buying from outside, the gov't will always have access to them by confiscation or exchange for Renminbi.  Therefore, they are in effect importing PMs without appearing to do so.  This serves their purpose of not driving the prices up while still accumulating.

Quote:

It makes sense from the citizen's point of view, but China doesn't care about their citizens, and this hurts the government (PM holder) so why are they advocating it?

 

As I noted, they always have access to PMs held by citizens, and I'm not sure that they don't care about their citizens.  This is no longer the Cultural Revolution.  The gov't is sensitive to civil unrest and has a growing middle class that is the engine of their productivity.  They are much less likely to upset the middle class than they were the largely unskilled peons of previous times.  They recognize the value of education and innovation.

My point is, the Chinese government does what's in the best interest of the Chinese government.  Citizen needs and interests are second.  Sure, they've come some way since Tianamen Square, but let's face it: China is still a command economy, run by insiders, for insiders, and most of those insiders are communists.  Freedoms of press, expression and religion are routinely trampled when anything remotely critical is expressed about the government or even the country in general.  You can sure as hell be sure there is no "PeakProsperity.com" site over there!

So, whatever the reason for the government encouraging PM buying, you can be sure it is NOT something as simple as because they are helping their people out. 

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Re: Gold Bashing 101: A Mainstream Press Primer

I think that the Chinese are encouraging its citizens to buy precious metals because they want them to hold real money.  With the fall of the West China will be relying upon its own Citizens for the purchasing of the consumer goods that it produces.  It has a real interest in those consumers saving real money.  Very smart in my opinion.   Conversely  the U.S. is discouraging its citizens from purchasing Precious metals.  Not wise.  

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Re: Gold Bashing 101: A Mainstream Press Primer
Farmer Brown wrote:

You can sure as hell be sure there is no "PeakProsperity.com" site over there!

Aw, sure they do . . . They just make their CT folder out of concrete, and shovel a lot of dirt on top of it when it fills up . . . .

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